Norway's DNO Says Committed to Kurdistan Despite Violence

Reuters

OSLO, Aug 21 (Reuters) – Norwegian oil firm DNO reported second-quarter earnings just shy of expectations on Wednesday and said it remained committed to its operations in Iraq's Kurdistan region, where violence has flared up in recent months.

DNO's net profit fell 7.5 percent to $44.4 million, coming just short of expectations for $45 million, while revenues at $143 million where below forecasts for $155 million in a Reuters poll.

Production surged as the company ramped up its flagship Tawke field in Kurdistan and output rose 78 percent on the quarter to 81,669 barrels of oil equivalents per day, above forecasts for 70,942 boepd.

"We've had feet on the ground in Kurdistan for ten years, including during the recent crisis as well as in past ones, and remain fully and firmly committed to our operations," Bijan Mossavar-Rahmani, DNO's Executive Chairman said.

(Reporting by Balazs Koranyi, editing by Terje Solsvik)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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